2019 2020 Ending Inventory: LIFO 120000 150000 Net Income: LIFO basis 175000 190000 Effective Tax Rate 30% 40% LIFO Reserve 130000 280000 A in LIFO Reserve 50000 150000 question: 1 Compute 2020 Equity if FIFO had been employed - assuming LIFO equity is $500,000. 2 Compute 2020 inventory days on hand for both LIFO and FIFO if COGS is 3,000,000 (time permitting)

2019 2020 Ending Inventory: LIFO 120000 150000 Net Income: LIFO basis 175000 190000 Effective Tax Rate 30% 40% LIFO Reserve 130000 280000 A in LIFO Reserve 50000 150000 question: 1 Compute 2020 Equity if FIFO had been employed - assuming LIFO equity is $500,000. 2 Compute 2020 inventory days on hand for both LIFO and FIFO if COGS is 3,000,000 (time permitting)

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter8: Inventories: Special Valuation Issues

Section: Chapter Questions

Problem 3P: Inventory Write-Down The inventory records of Frost Company for the years 2019 and 2020 reveal the...

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Excerpts from the annual report of XYZ Corporation follow: Cost of goods sold Inventory Net income Retained earnings LIFO reserve 2020 $754,661 $219,686 $31,185 $68,685 $26,900 20% 2019 $675,138 $241,154 $64,150 $93,650 $25,100 Tax rate 20% If XYZ used FIFO, its retained earnings as of the end of fiscal 2020 would be a. $90,205 O b. $68,685 c. $93,745 O d. $52,415
View Policies Current Attempt in Progress The following information is available for Marigold Company at December 31, 2020: beginning inventory $74000; ending inventory $126000; cost of goods sold $600000; and sales $1670000. Marigold's inventory turnover in 2020 is O 8.11 times. O 6.00 times. O 16.70 times. O 4.76 times. || Save for Later
Pretax Financial Year Income (Loss) Tax Rate 30% 50,000 120,000 (200,000) 300,000 2018 25% 2019 22% 2020 21% 2021 Walmart qualifies for the carry back option for net operating losses and elects to use it in 2020. Walmart expects its tax rate will remain 21% into the foreseeable future after 2021. a. Prepare the income tax journal entry for 2020. No valuation account is need. b. determine the net income or loss for 2020 c. Prepare the income taxes journal entry for 2021
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The Sellers Corporation reported the following income for the last three years: 2019 2020 2021 Sales 14000 16000 18000 Less: COGS Begin Inventory 600 200 600 +Purchases 4500 5400 900 =Cost of Goods Available for Sale 5100 5600 1500 |-End Inventory 200 600 1200 =COGS 4900 5000 300 Gross Margin 9100 11000 17700 SG&A 1400 1400 1400 Income 7700 9600 16300 Required: 1. Subsequent to the 2021 fiscal year end, it became apparent that ending inventory in 2019 was overstated by $270. How will this affect income in 2019 (use - for a decrease)? In 2020? In 2021? 2. Suppose that ending inventory was overstated in 2019 by $270 and by $450 in 2020. How will this affect income in 2019 (use - for a decrease)? In 2020? In 2021? 3. What is the impact of the errors in part 2 on ending retained earnings in 2021 (use - for a decrease). Upon completion, enter the following data here: Overstate in 2019 - income effect 2019: Overstate in 2019 - income effect 2020: Overstate in 2019 - income effect 2021:…
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Assume this is a partial list of financial highlights from a Best Buy annual report: 2019 2020 (dollars in millions). $ 37,580 $ 33,075 1,283 891 2,231 1,318. Net sales Earnings before taxes Net earnings Complete a horizontal and vertical analysis from the above information. (Enter your answers in millions. Round the "percent" answers to the nearest hundredth percent.) Net sales Earnings before taxes Net earnings 2020 Horizontal analysis 2019 Increase Percent Vertical analysis 2020 % % % 2019 + % % %
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In 2020, Billy's Seafood reported the following: Inventory, January 1, 2020: $50,000 Purchases in 2020: $450,000 Inventory, December 31, 2020: $ 90,000 Gross profit in 2020: $181,500 What were net sales for Billy's Seafood in 2020? Question 10 options: $631,500 $591,500 $410,000 $500,000